New T& Cs from August 2020

Email received today from :r:

“As you probably know, if you exchange more than our free exchange limit in a month, you pay a fee. This limit is decreasing to 1000 EUR each month (which, our research shows, most of you won’t hit anyway). Above that limit, our fee will stay the same at just 0.5%, and we’ll let you know if an exchange will be subject to a fee. Our Premium and Metal plans still have unlimited exchange, as they always have.”

That’s a reduction from 6,000€ per month!
I consistently exchange over £1,000 per month in the app to Euro from my UK Pensions. How much that achieves is based on the exchange rate. Does this mean that (nominally based on last year’s av of £1.00 = 1.14€) I will pay a 0.5% fee on the addition in excess of 1,000€ transferred from sterling within the app?
Not all of the Euro is transferred then to my French bank a/c (typically between 500€ and 1,000€). Will I also pay a fee on those transactions too?


It’s explained in a little more detail here, maybe this answers already all your questions? See the section “exchange” of this document.


So the answer is yes, basically @Frank :unamused:


Maybe it would be an option to upgrade your account. Then you wouldn’t have those limitations, or?


Well it seems :r: know there will be a backlash because they announce in the same email that they will waive any fee for closing the account if a customer decides the new charges are not for them.
I think they have now lost their way. The reduction is a massive one step drop in the wrong direction IMHO.
Up to now, I have supported them in this forum where others have not but it now seems that my loyalty was misplaced and that is very sad to say and disappointing.


When T&Cs change, customers have always a special right of termination. That’s not related to an assumed backlash, I believe. (And the free standard account doesn’t have a contract term anyway?)

I am sure there’s going to be a major backlash about the raised fees. It would be really surprising if not, no? The question is where does it put Revolut now in comparison to the competitors? Some customers will find that Revolt is still the best option for them despite higher fees. And some will move on to another provider. I am not surprised to see this happening at this time after they announced their goal of becoming profitable by the end of this year. Burning cash is fun. Building a sustainable business not so much.

I agree that Revolut’s approach of building a large user base and then changing how to monetize them causes dismay. But I am not surprised about these changes.


Does purchases made in foreign currencies also included in this no-commission limit reduction?

Hmm it’s really bad to have a limit only 1000€, especially when you traveling… at least 3000€ Is better. Anyway I’m going to use N26 while traveling and Monese for no fee top up.


I think I have a solution to this conundrum…
In the absence of a joint account facility (which is suggested elsewhere in this forum) I’ll get my wife to open a :r: account and that will effectively double up the £1000 limit to within the sterling income from both our pensions - about half of it is her pension money anyway - and we can both transfer sterling to Euro without any fees :wink:
I agree with @dimitrism in that 3k is a more realistic limit.


I second that, 1000€ is waaaaay too low.


Nothing in life is free. Totally understandable that Revolut tries to earn some money now. I am very satisfied so far with my account and I think that the x1000 limit is fine. People that want a higher limit need to check if it is better to pay the fees or upgrade their account.

If you go on a vacation you can always exchange some money starting a month earlier to have effectively more money available without fees.


But you pay monthly for N26 too, or are you using the free account?

But many will be betwixt and between (like us) and will regret having to pay a fee for such a potentially small amount over the 1k limit.

Well its just 0.5 % on the additional amount.

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but I’m only a poor pensioner :sob:


You already found a solution for yourself, right? You’re smart. :upside_down_face:

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but it’s another account to declare to the French fisc annually - all that extra paperwork :roll_eyes: :stuck_out_tongue_winking_eye:

Don’t tell me you wouldn’t have the time for that. :rofl:

I’m going to use free account in N26. They always have unlimited fx when spending with your card. I don’t care about cash withdrawal as I never use cash even for 1€.


@Regalia haha - I have less time now than I did when I was working for a living :rofl:

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